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Registration number: 05470132

Discovery CE Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2023

 

Discovery CE Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Discovery CE Limited

Company Information

Directors

C Gillespie

P D Smith

Company secretary

L Smith

Registered office

The Granary
Broadwell House Farm
Broadwell
Rugby
Warwickshire
CV23 8HF

Accountants

Management & Accounting Solutions
45 Styvechale Avenue
Coventry
West Midlands
CV5 6DW

 

Discovery CE Limited

(Registration number: 05470132)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

10,211

15,182

Current assets

 

Stocks

5

18,968

64,279

Debtors

6

130,234

194,428

Cash at bank and in hand

 

221,920

143,054

 

371,122

401,761

Creditors: Amounts falling due within one year

7

(72,612)

(153,955)

Net current assets

 

298,510

247,806

Total assets less current liabilities

 

308,721

262,988

Provisions for liabilities

(1,940)

(2,885)

Net assets

 

306,781

260,103

Capital and reserves

 

Called up share capital

8

1,000

1,000

Retained earnings

305,781

259,103

Shareholders' funds

 

306,781

260,103

For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 8 November 2023 and signed on its behalf by:
 

 

Discovery CE Limited

(Registration number: 05470132)
Balance Sheet as at 30 June 2023

.........................................
C Gillespie
Director

.........................................
P D Smith
Director

 

Discovery CE Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
The Granary
Broadwell House Farm
Broadwell
Rugby
Warwickshire
CV23 8HF
England

These financial statements were authorised for issue by the Board on 8 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Discovery CE Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Fixtures and fittings

20% reducing balance

Motor vehicles

25% reducing balance

Computer equipment

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Discovery CE Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2022 - 9).

 

Discovery CE Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2022

59,879

39,199

99,078

Additions

821

-

821

Disposals

-

(16,300)

(16,300)

At 30 June 2023

60,700

22,899

83,599

Depreciation

At 1 July 2022

55,309

28,587

83,896

Charge for the year

2,255

3,537

5,792

Eliminated on disposal

-

(16,300)

(16,300)

At 30 June 2023

57,564

15,824

73,388

Carrying amount

At 30 June 2023

3,136

7,075

10,211

At 30 June 2022

4,570

10,612

15,182

5

Stocks

2023
£

2022
£

Work in progress

16,968

62,279

Other inventories

2,000

2,000

18,968

64,279

6

Debtors

Current

2023
£

2022
£

Trade debtors

114,565

181,615

Prepayments

12,712

11,343

Other debtors

2,957

1,470

 

130,234

194,428

7

Creditors

Creditors: amounts falling due within one year

 

Discovery CE Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

2023
£

2022
£

Due within one year

Trade creditors

19,565

92,121

Taxation and social security

52,944

60,103

Accruals and deferred income

-

275

Other creditors

103

1,456

72,612

153,955

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

1,000

1,000

1,000

1,000

       

9

Dividends

2023

2022

£

£

Interim dividend of £80.00 (2022 - £160.00) per ordinary share

80,000

160,000

 

 

10

Related party transactions

 

Discovery CE Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

24,936

24,936

Contributions paid to money purchase schemes

2,400

2,400

27,336

27,336